Laxmi Capital News
MoF Unable To Meet Revenue Target

The Ministry of Finance (MoF) has been unable to meet therevenue collection target set till mid-December of this fiscal year. Thegovernment had set a target to collect Rs 251.13 billion revenue during thefirst five months of the fiscal year, however the MoF has collected only Rs239.97 billion during the period, which is 95.55 per cent of the target.

As per data maintained by the MoF, there was revenueshortfall of Rs 11.16 billion in the review period. However, the sector wisecontribution is yet to be published.

The government has collected 32.87 per cent of the annualrevenue target during the five months. MoF has targeted to collect Rs 730billion as revenue through the annual budget of this fiscal year.

As per Arjun Prasad Pokhrel, joint secretary andspokesperson for MoF, due to shortfall in Value Added Tax (VAT) and income tax,the overall revenue target could not be met during the review period. Accordingto him, 89.94 per cent of VAT and 88.86 per cent of income tax have beencollected.

The government had collected revenue worth Rs 208.72billion in the same period of last fiscal year 2016-17, which was Rs 13.89billion more than the set target. Though the government failed to meet therevenue target, the revenue collection has increased by 14 per cent in thisperiod in comparison to the same period of last fiscal year.

Source: The Himalayan Times, 25thDecember 2017

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